Bitcoin Surges 3.7% to Over $110,000 Amid Increased Liquidations
Bitcoin (BTC) rose 3.7% in the past 24 hours, reaching over $110,000, close to its record from May. Ethereum (ETH) also increased by 3.8%, surpassing $2,620. Other tokens like Hyperliquid (HYPE) and SUI (SUI) saw gains of 7% and 4.5%, respectively.
Key points:
- Over $110 million in short positions were liquidated within an hour as BTC price surged.
- Total shorts liquidated across crypto assets reached $330 million, the highest in a month.
- Traditional markets remained stable, with the S&P 500 and Nasdaq unchanged.
- Analysts suggest a "peaceful rally" characterized by consistent upward trends.
- The crypto market may be poised for further movement following recent declines.
- On-chain data indicates potential sell pressure from long-term holders.
- Upcoming macroeconomic events could influence market direction, including U.S. and Chinese trade discussions and CPI data release on Wednesday.
Bitcoin is at a critical juncture, balancing structural support against declining bullish momentum as it awaits further cues.